今世缘11月24日大宗交易平台出现一笔成交，成交量6.00万股，成交金额203.04万元，大宗交易成交价 为33.84元，相对今日收盘价折价11.18%。该笔交易的买方营业部为华泰证券股份有限公司淮安涟水红 日大道证券营业部，卖方营业部为华泰证券股份有限公司淮安涟水红日大道证券营业部。 11月24日今世缘大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | | | | | 华泰证券股份有限公司淮安 | 华泰证券股份有限公司淮安 | | 6.00 | 203.04 | 33.84 | -11.18 | 涟水红日大道证券营业部 | 涟水红日大道证券营业部 | （文章来源：证券时报网） 两融数据显示，该股最新融资余额为3.69亿元，近5日增加1300.49万元，增幅为3.65%。 机构评级来看，近5日共有2家机构给予该股评级，预计目标价最高的是东方证券，11月19日东方证券发 布的 ...

11月24日，今世缘大宗交易成交6万股，成交额203.04万元，占当日总成交额的1.19%，成交价33.84 元，较市场收盘价38.1元折价11.18%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-11-24 | 今世缘 | 603369 | 33.84 203.04 | 本部通常識學生留 | 類酵態 | | KO | ...

2025 年 11 月 23 日 研 白酒筑底配置回暖，大众品细分赛道景气延续 究 报 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 表现 1M 3M 12M 食品饮料(申万) -0.7 -1.8 -3.5 沪深 300 -3.3 1.7 15.2 受益双节效应，板块情绪回暖》 2025-11-16 降幅收窄，餐饮链步入修复通道》 2025-11-10 出清，餐饮链需求承压》2025-11- 03 ▌ 一周新闻速递 行业相对表现 行业新闻：1）1-10 月白酒产量下降 11.5%；2）宋书玉：理 性增长贵在理性，适度调整供需关系、保持价格稳定是不变 的法宝；3）"赤水河谷 中国酱香"区域品牌首批企业矩阵 发布。 公司新闻：1）贵州茅台：茅台酱香酒启动"年会季"；2） 五粮液：五粮液浓香酒推马年生肖新品；3）郎酒：郎酒经销 商聊城出货、回款双过亿。 市场表现 ▌ 投资观点 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：10 月餐饮 白酒板块：行 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击 2025年9月30日，江苏今世缘酒业股份有限公司顺利通过华测认证有限公司的审核，依据中国节能协会《零碳工厂评价规范》相关标准，荣获零碳工厂（Ⅰ型）四星级认证。根据规范要求，四星 近年来，江苏今世缘酒业积极响应国家"双碳"战略，将零碳工厂建设视为履行社会责任的重要举措。公司成立了由董事长担任组长、各部门负责人参与的零碳工厂建设专项小组，系统制定了建设 在具体实施层面，今世缘积极构建"源-网-荷-储"一体化模式，推进光伏、储能、充电桩、能碳管理平台及虚拟电厂等项目，采用生物质蒸汽，实现能源结构的绿色转型。同时，公司致力于白酒 此次获评四星级零碳工厂，是今世缘在践行"绿色、健康、生态"理念、探索"碳中和"实践过程中的重要成果，不仅标志着企业自身发展的新里程碑，也为白酒行业的可持续发展贡献了可借鉴的 秘书长：张军涛13552070628 常务副秘书长：王 挺15210302808 零碳项目部部长：汪 琼13810350121 ...

11月20日，今世缘涨0.24%，成交额2.05亿元。两融数据显示，当日今世缘获融资买入额2106.30万元， 融资偿还1849.87万元，融资净买入256.43万元。截至11月20日，今世缘融资融券余额合计3.78亿元。 截至9月30日，今世缘股东户数6.63万，较上期增加5.09%；人均流通股18798股，较上期减少4.84%。 2025年1月-9月，今世缘实现营业收入88.82亿元，同比减少10.66%；归母净利润25.49亿元，同比减少 17.39%。 分红方面，今世缘A股上市后累计派现68.35亿元。近三年，累计派现36.53亿元。 机构持仓方面，截止2025年9月30日，今世缘十大流通股东中，招商中证白酒指数A（161725）位居第 二大流通股东，持股6171.43万股，持股数量较上期不变。酒ETF（512690）位居第七大流通股东，持 股2378.99万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 责任编辑：小浪快报 融资方面，今世缘当日融资买入2106.30万元。当前融资余额3.73亿元，占流通市值的0.79%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，今世缘11 ...

Core Insights - The Huanghuai famous liquor summit held in Zibo, Shandong, highlighted the significant growth and development of liquor enterprises from Anhui, Shandong, Henan, and Jiangsu over the past decade, with a market scale increase from approximately 1150 billion yuan in 2014 to 2369 billion yuan in 2024, more than doubling in size [2][3] Market Growth - The market scale of the Huanghuai liquor region has seen a substantial increase, with the total market size surpassing 2000 billion yuan by 2024, reaching 2369 billion yuan [2] - The number of large-scale enterprises in the Huanghuai liquor region decreased from 424 in 2014 to 283 in 2024, indicating a rise in market concentration and competitiveness [3] Brand Development - In 2014, only Yanghe had a sales scale exceeding 10 billion yuan, while by 2024, half of the top 10 listed liquor companies in China were from the Huanghuai region, with Gujing Gongjiu achieving 235.78 billion yuan in revenue and joining the top brands [3] - The successful upgrade of price bands has allowed Huanghuai liquor brands to break through previous limitations, with mainstream consumer prices rising from around 80 yuan in 2014 to 200 yuan and beyond by 2018 [3][4] Price Band Strategy - Huanghuai liquor companies have successfully established a complete pricing system covering mass-market, mid-range, and high-end products, with price ceilings reaching up to 2000 yuan by 2024 [3][4] - The introduction of high-quality products in the 100-600 yuan price range has allowed these companies to capture both the value-for-money and premium market segments [3][4] Innovation and Standards - The past decade has seen significant innovation in product categories, with various new fragrance types and industry standards being established, positioning Huanghuai liquor companies at the forefront of the industry [4] - Multiple national-level standards have been created for different types of Huanghuai liquor, enhancing the overall quality and marketability of the products [4] Production Capacity and Storage - The cancellation of the white liquor production limit in 2019 allowed Huanghuai liquor companies to expand their production capacity significantly, with many top enterprises doubling their capacity over the past decade [5][6] - Yanghe has achieved the highest production capacity for solid-state liquor and the largest storage capacity for high-quality original liquor globally [5][6]

Core Viewpoint - The report from Dongfang Securities indicates that external demand for liquor is expected to improve on a month-on-month basis, suggesting a potential bottoming out of performance for Jiushi Yuan [1] Group 1: Market Demand - The demand for liquor is gradually finding a bottom due to the ongoing deleveraging of households and enterprises, as well as the transformation of the consumer structure in the liquor market [1] - The report highlights that the liquor demand is becoming more stable, which is a positive sign for the industry [1] Group 2: Economic Factors - The analysis considers various factors such as the prices of major asset classes and the credit environment, which could influence the liquor market [1]

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 48.79 CNY from the previous 51.85 CNY [3][5] Core Views - The company is expected to face temporary pressure on its core products in 2025, with external demand likely remaining at a low point in 2026. The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.29 CNY, 2.32 CNY, and 2.77 CNY respectively, down from previous estimates of 3.70 CNY and 4.40 CNY for 2025 and 2026 [3] - The report highlights that external demand is expected to improve sequentially, indicating a potential bottoming out of performance. The company maintains a competitive advantage during the adjustment period, with its products performing better than the market average [10] - The report emphasizes the company's focus on core products and its competitive advantages, suggesting that as the demand stabilizes, the company could see a recovery in growth driven by market share gains [10] Financial Summary - The projected revenue for 2025 is 10,289 million CNY, reflecting a year-on-year decline of 10.9%. The revenue is expected to recover to 11,584 million CNY by 2027, with a growth rate of 12.5% [8] - The gross margin is projected to be 75.0% in 2025, slightly improving to 76.7% by 2027. The net profit margin is expected to be 27.8% in 2025, increasing to 29.8% by 2027 [8] - The report provides a comparison of the company's valuation metrics with peers, indicating a dynamic price-to-earnings (PE) ratio of 21X based on the 2026 EPS [12]

Core Viewpoint - The company, Jiangsu Jinshiyuan Liquor Co., Ltd., is set to hold a third-quarter performance briefing on November 26, 2025, to discuss its operational results and financial status for Q3 2025, allowing investors to engage in interactive communication [2][3][4]. Group 1: Meeting Details - The performance briefing will take place on November 26, 2025, from 16:00 to 17:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online interactive format [4][5]. - Investors can submit questions from November 19 to November 25, 2025, before 16:00, through the Roadshow Center website or via the company's email [5]. Group 2: Participants - Key participants in the meeting will include the Chairman and General Manager, Mr. Gu Xiangyue, and other senior executives such as the Vice General Manager and Chief Financial Officer, Mr. Wang Weidong [4]. - Independent directors and committee members will also be present to address investor inquiries [4]. Group 3: Investor Participation - Investors can join the performance briefing online on the specified date and time, with the opportunity to have their questions answered in real-time [4][5]. - After the meeting, the details and main content of the briefing will be available for review on the Roadshow Center website [5].